What to Watch: More Fed Speak Amid Raft of Data

Last chance for Fed speakers to get their two cents in (or 75bp as the case may be) with policy blackout starting at midnight tonight, running through July 28 the day after next FOMC.

• Skittish summer markets have had a lot to digest since Wed's hot CPI spurred mkt pricing in chance of 100bp hike at next FOMC. Fed Gov Waller, StL Fed Bullard tamped down on mkt pricing aggressive action late Thu. Atlanta Fed Bostic, StL Fed Bullard reprise their outlook again this morning at 0845ET and 0900ET resp, SF Fed Daly at 1030ET. Likely additional unscheduled speakers before day's end.
• Heavy round of data kicks off at 0830ET:
  • Empire Manufacturing (-1.2, -2.0)
  • Retail Sales Advance MoM (-0.3%, 0.9%); ex-Auto (0.5%, 0.7%)
  • Retail Sales Ex Auto/Gas (0.1%, 0.1%); Control Group (0.0%, 0.3%)
    
  • Import Price Index MoM (0.6%, 0.7%); YoY (11.7%, 11.4%)
  • Import Price Index ex Petroleum MoM (-0.1%, 0.2%)
  • Export Price Index MoM (2.8%, 1.2%); YoY (18.9%, 19.9%); Next up:
  • CapU (80.8 rev, 79.0%), I/P (0.1% rev, 0.1%) at 0915ET
  • Business Inventories (1.2%, 1.4%) at 1000ET
  • U. of Mich. Sentiment (50.0, 50.0) at 1000ET
  • Fed Research Data Series: Index of Common Inflation Exp at noon
• Stock earnings resume this morning: Bank of NY Mellon, Wells Fargo, Citi Group, Blackrock, State Stree and US Bancorp.